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Delaware Ivy High Income Opportunities Fund Appoints Adam H. Brown and John P. McCarthy as Co-Managers

OVERLAND PARK, Kan.–(BUSINESS WIRE)–
Today, Delaware Ivy High Income Opportunities Fund (NYSE: IVH) (the “Fund”), a New York Stock Exchange–listed closed-end fund trading under the symbol “IVH,” announced that, effective Nov. 14, 2021, Adam H. Brown and John P. McCarthy will be appointed as co-managers for the Fund.

Adam H. Brown, CFA, Managing Director, is a senior portfolio manager for the firm’s high yield strategies within Macquarie Investment Management Fixed Income (MFI). He manages MFI’s bank loan portfolios and is a co-portfolio manager for the high yield, fixed rate multisector, and core plus strategies. Brown joined Macquarie Investment Management in April 2011 as part of the firm’s integration of Macquarie Four Corners Capital Management, where he had worked since 2002. At Four Corners, he was a co-portfolio manager on the firm’s collateralized loan obligations (CLOs) and a senior research analyst supporting noninvestment grade portfolios. Before that, Brown was with the predecessor of Wells Fargo Securities, where he worked in the leveraged finance group arranging senior secured bank loans and high yield bond financings for financial sponsors and corporate issuers. He earned an MBA from the A.B. Freeman School of Business at Tulane University and a Bachelor’s degree in Accounting from the University of Florida.

John P. McCarthy, CFA, Managing Director, is a senior portfolio manager for the Macquarie Investment Management Fixed Income (MFI) high yield strategies, a role he assumed in July 2016. From December 2012 to June 2016, he was co-head of credit research for MFI. McCarthy rejoined Macquarie Investment Management in March 2007 as a senior research analyst, after he worked in the firm’s fixed income area from 1990 to 2000 as a senior high yield analyst and high yield trader, and from 2001 to 2002 as a municipal bond trader. Prior to rejoining the firm, he was a senior high yield analyst/trader at Chartwell Investment Partners. McCarthy earned a bachelor’s degree in business administration from Babson College, and he is a member of the CFA Society of Philadelphia.

The Fund’s investment objective is to seek to provide total return through a combination of a high level of current income and capital appreciation. The Fund seeks to achieve its investment objective by investing primarily in a portfolio of high yield corporate bonds of varying maturities and other fixed income instruments of predominantly corporate issuers, including first- and second-lien secured loans. There can be no assurance that the Fund will achieve its investment objective.

The Fund is a non-diversified, closed-end management investment company. The price of the Fund’s shares will fluctuate with market conditions and other factors. Closed-end funds frequently trade at a discount from their net asset values (NAVs), which may increase an investor’s risk of loss. At the time of sale, shares may have a market price that is below NAV, and may be worth less than the original investment upon their sale.

The Fund’s investments in below investment grade securities (commonly referred to as “high yield securities” or “junk bonds”) may carry a greater risk of nonpayment of interest or principal than higher rated bonds. Loans (including loan assignments, loan participations and other loan instruments) carry other risks, including the risk of insolvency of the lending bank or other intermediary. Loans may be unsecured or not fully collateralized, may be subject to restrictions on resale and sometimes trade infrequently on the secondary market.

An investment in the Fund is not appropriate for all investors and is not intended to be a complete investment program. The Fund is designed as a long-term investment and not as a trading vehicle.

Past performance is not a guarantee of future results and future distributions may be different. This or future distributions may also be paid from net realized gains from portfolio investments, unrealized gains, or in certain cases, a return of principal (non-taxable distributions).

About Macquarie Investment Management

Macquarie Investment Management, a member of Macquarie Group, is a global asset manager with offices throughout the United States, Europe, Asia, and Australia. As active managers, we prioritize autonomy and accountability at the team level in pursuit of opportunities that matter for clients. In the US, retail investors recognize our Delaware Funds^® by Macquarie as one of the longest standing mutual fund families, with more than 90 years in existence. Macquarie Investment Management is supported by the resources of Macquarie Group (ASX: MQG; ADR: MQBKY), a global provider of asset management, investment, banking, financial and advisory services.

Advisory services are provided by Macquarie Investment Management Business Trust, a registered investment advisor. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide. Investment policies, management fees, risks other than those mentioned above, and other matters of interest to prospective investors may be found in the closed-end fund prospectus used in its initial public offering. For additional information, contact the Delaware Ivy Funds Sales Desk at 1-877-693-3546.

Other than Macquarie Bank Limited (MBL), none of the entities referred to in this document are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL, a subsidiary of Macquarie Group Limited and an affiliate of Macquarie Investment Management. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise.

© 2021 Macquarie Management Holdings, Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210914006157/en/

Mike Daley

Vice President – Chief Accounting Officer & Investor Relations

(913) 236-1795

KEYWORDS: Pennsylvania Kansas United States North America

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

Posted on September 14, 2021 4:39 pm

Skillsoft Raises Full Year Guidance and Reports Strong Financial Results for the Second Quarter of Fiscal 2022

Skillsoft Raises Full Year Guidance and Reports Strong Financial Results for the Second Quarter of Fiscal 2022

Results Exceed Expectations with Bookings¹ Up 18%

Percipio Bookings Up 47%, Highlighting New Product Momentum and Successful Platform Migration

Acquired Pluma for $22 Million, Adding Valuable Digital Coaching and Professional Development Solution for Emerging Leaders

Recruited Experienced Leadership Team to Oversee Execution of Strategic Priorities, Accelerate Growth and Drive Value Creation

BOSTON–(BUSINESS WIRE)–
Skillsoft Corp. (NYSE: SKIL) (“Skillsoft” or the “Company”), a global leader in corporate digital learning, today announced its financial results for the second quarter of fiscal 2022 ended July 31, 2021. The Company’s results exceeded its expectations, and Skillsoft raised its bookings and adjusted revenue guidance for the full year.

“We are pleased with Skillsoft’s strong performance during our initial quarter as a public company,” said Jeffrey R. Tarr, Skillsoft’s Chief Executive Officer. “We delivered double-digit bookings growth, won multiple new blue-chip customers, and acquired fast-growing digital coaching platform Pluma, enabling us to offer an on-demand, executive-quality leadership development solution to our customers, which include approximately 70% of the Fortune 1000.”

Mr. Tarr added, “We see substantial opportunity to extend our leadership in the rapidly expanding and highly fragmented corporate learning industry as we innovate and invest in growth. Our new leadership team is executing well against our strategic priorities, and we are well-positioned to create significant value for our customers, shareholders and other stakeholders.”

Fiscal 2022 Second Quarter Financial Highlights²

• Strong bookings growth across all three business segments, with Content up 9%, Global Knowledge up 30% and SumTotal up 15%; bookings in Content and Global Knowledge combined were up 19%, and total bookings were up 18%;
• GAAP³ revenue for the reported period was $106 million and GAAP net loss was $49 million;
• Adjusted revenue of $176 million grew 5% and adjusted EBITDA of $43 million grew 2%;
• Combined Percipio and dual deployment dollar retention rate of 103% compared to 102%; and
• Refinanced long-term debt, reducing annual cash interest expense by approximately $25 million.

Updated Full Year Fiscal 2022 Outlook

	Updated Outlook	Previous Outlook
Bookings	$690 million to $710 million	$660 million to $690 million
Adjusted Revenue	$670 million to $690 million	$645 million to $675 million
Adjusted EBITDA	Unchanged	$155 million to $175 million

¹ Bookings is identical to what the Company previously referred to as “order intake” and includes (i) subscription renewals, upgrades, churn, and downgrades to existing customers, (ii) non-subscription services, and (iii) sales to new customers. Bookings generally represents a customer’s annual obligation (versus the life of the contract), and, for the subscription business, revenue is recognized for such bookings over the following 12 months.

² Growth calculated as if pre-combination Skillsoft and Global Knowledge had been combined and their fiscal quarters had been aligned to end on July 31, 2021.

³ GAAP results include the periods from May 1, 2021 to June 11, 2021 (predecessor) and June 12, 2021 to July 31, 2021 (successor) and reflect the impact of business combination accounting on revenue.

Skillsoft increased its bookings and adjusted revenue outlook for full year fiscal 2022 primarily to reflect better than expected performance in the first half of the year.

The unchanged adjusted EBITDA outlook reflects the Company’s growth investments in content, platform and go-to-market capabilities. Additionally, the Company experienced a delay in realizing business combination synergies due to the timing of transaction close and higher than anticipated D&O insurance costs.

Key Operational Metrics and Non-GAAP Financial Measures

Bookings (previously Order Intake)

The following table sets forth unaudited bookings for the three and six months ended July 31, 2021 and 2020 as if pre-combination Skillsoft and Global Knowledge had been combined and their fiscal quarters had been aligned to end on July 31:

Bookings (previously Order Intake)
		Three Months						Six Months
$000s		Ended July 31,			Change			Ended July 31,			Change
		2021	2020		$	%		2021	2020		$	%
Content and Global Knowledge
Percipio		$15,423	$10,465		$4,958	47%		$32,534	$20,582		$11,952	58%
Dual Deployment		31,827	26,734		5,093	19%		41,696	39,409		2,287	6%
Skillport		12,730	18,160		(5,430)	-30%		22,048	32,072		(10,024)	-31%
Total Subscription		$59,980	$55,359		$4,621	8%		$96,278	$92,063		$4,215	5%
Services and One-Time Orders		3,716	3,206		510	16%		6,288	5,011		1,276	25%
Total Content		$63,696	$58,565		5,131	9%		$102,565	$97,075		5,490	6%
Global Knowledge		63,541	48,769		14,772	30%		128,798	105,806		22,992	22%
Total Content + Global Knowledge		$127,237	$107,334		$19,903	19%		$231,363	$202,881		$28,482	14%
SumTotal
Subscription		$21,308	$19,606		$1,702	9%		$42,081	$46,457		($4,376)	-9%
Services and One-Time Orders		6,150	4,313		1,837	43%		10,801	9,614		1,187	12%
Total SumTotal		$27,458	$23,919		$3,539	15%		$52,882	$56,071		($3,189)	-6%
Total		$154,695	$131,253		$23,442	18%		$284,245	$258,952		$25,293	10%

Dollar Retention Rate

The following table sets forth dollar retention rates (“DRR”) for the last twelve month (“LTM”) period ended July 31, 2021 and for the three month periods ended July 31, 2021 and 2020 as if Skillsoft and Global Knowledge had been combined and their fiscal quarters had been aligned to end on July 31:

		July 31
		LTM	2021	2020
Percipio		99%	99%	102%
Dual Deployment		102%	104%	102%
Percipio + Dual Deployment		101%	103%	102%
Skillport		78%	88%	68%
Total Content Business		95%	99%	88%
SumTotal Business		96%	99%	79%

Capital Structure

The following table sets forth Skillsoft’s cash and cash equivalents and long-term debt as of July 31, 2021:

$000s		July 31,
		2021
Assets
Cash and Equivalents		$90,772
Liabilities
Long-Term Debt		$467,399
(including current portion)

Weighted average shares outstanding during the period from June 12, 2021 to July 31, 2021 were 133,059,021.

Webcast and Conference Call Information

Skillsoft will host a conference call and webcast today at 5:00 p.m. Eastern Time to discuss its financial results. To access the call, dial (877) 413-9278 from the United States and Canada or (215) 268-9914 from international locations. The live event can be accessed from the Investor Relations section of Skillsoft’s website at investor.skillsoft.com. A replay will be available for six months.

About Skillsoft

Skillsoft (NYSE: SKIL) is a global leader in corporate digital learning, focused on transforming today’s workforce for tomorrow’s economy. The Company provides enterprise learning solutions designed to prepare organizations for the future of work, overcome critical skill gaps, drive demonstrable behavior-change, and unlock the potential in their people. Skillsoft offers a comprehensive suite of premium, original, and authorized partner content, including one of the broadest and deepest libraries of leadership & business skills, technology & developer, and compliance curricula. With access to a broad spectrum of learning options (including video, audio, books, bootcamps, live events, and practice labs), organizations can meaningfully increase learner engagement and retention. Skillsoft’s offerings are delivered through Percipio, its award-winning, AI-driven, immersive learning platform purpose built to make learning easier, more accessible, and more effective. Learn more at www.skillsoft.com.

NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE METRICS

We track several non-GAAP financial measures and key performance metrics that we believe are key financial measures of our success. Non-GAAP measures and key performance metrics are frequently used by securities analysts, investors, and other interested parties in their evaluation of companies comparable to us, many of which present non-GAAP measures and key performance metrics when reporting their results. These measures can be useful in evaluating our performance against our peer companies because we believe the measures provide users with valuable insight into key components of U.S. GAAP financial disclosures. For example, a company with higher U.S. GAAP net income may not be as appealing to investors if its net income is more heavily comprised of gains on asset sales. Likewise, excluding the effects of interest income and expense moderates the impact of a company’s capital structure on its performance. However, non-GAAP measures and key performance metrics have limitations as analytical tools. Because not all companies use identical calculations, our presentation of non-GAAP financial measures and key performance metrics may not be comparable to other similarly titled measures of other companies. They are not presentations made in accordance with U.S. GAAP, are not measures of financial condition or liquidity, and should not be considered as an alternative to profit or loss for the period determined in accordance with U.S. GAAP or operating cash flows determined in accordance with U.S. GAAP. As a result, these performance measures should not be considered in isolation from, or as a substitute analysis for, results of operations as determined in accordance with U.S. GAAP.

We do not reconcile our forward-looking non-GAAP financial measures to the corresponding U.S. GAAP measures, due to variability and difficulty in making accurate forecasts and projections and/or certain information not being ascertainable or accessible; and because not all of the information necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure is available to us without unreasonable efforts. For the same reasons, we are unable to address the probable significance of the unavailable information. We provide non-GAAP financial measures that we believe will be achieved, however we cannot accurately predict all of the components of the adjusted calculations and the U.S. GAAP measures may be materially different than the non-GAAP measures.

Forward Looking Statements

This document includes statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created by those laws. These forward-looking statements include information about possible or assumed future results of our operations. All statements, other than statements of historical facts, that address activities, events or developments that we expect or anticipate may occur in the future, including such things as our outlook, our product development and planning, our pipeline, future capital expenditures, financial results, the impact of regulatory changes, existing and evolving business strategies and acquisitions and dispositions, demand for our services and competitive strengths, goals, the benefits of new initiatives, growth of our business and operations, our ability to successfully implement our plans, strategies, objectives, expectations and intentions are forward-looking statements. Also, when we use words such as “may,” “will,” “would,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “projects,” “forecasts,” “seeks,” “outlook,” “target,” goals,” “probably,” or similar expressions, we are making forward-looking statements. Such statements are based upon the current beliefs and expectations of Skillsoft’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. All forward-looking disclosure is speculative by its nature.

There are important risks, uncertainties, events and factors that could cause our actual results or performance to differ materially from those in the forward-looking statements contained in this document, including:

• our ability to realize the benefits expected from the business combination between Skillsoft, Churchill Capital Corp. II and Global Knowledge;
• the impact of changes in consumer spending patterns, consumer preferences, local, regional and national economic conditions, crime, weather, demographic trends and employee availability;
• the impact of the ongoing COVID-19 pandemic on our business, operating results and financial condition;
• fluctuations in our future operating results;
• our ability to successfully identify, consummate and achieve strategic objectives in connection with our acquisition opportunities and realize the benefits expected from the acquisition;
• the demand for, and acceptance of, our products and for cloud-based technology learning solutions in general;
• our ability to compete successfully in competitive markets and changes in the competitive environment in our industry and the markets in which we operate;
• our ability to market existing products and develop new products;
• a failure of our information technology infrastructure or any significant breach of security;
• the effects of pending and future legislation;
• future regulatory, judicial and legislative changes in our industry;
• our ability to comply with laws and regulations applicable to our business;
• the impact of natural disasters, public health crises, political crises, or other catastrophic events;
• our ability to attract and retain key employees and qualified technical and sales personnel;
• fluctuations in foreign currency exchange rates;
• our ability to protect or obtain intellectual property rights;
• our ability to raise additional capital;
• the impact of our indebtedness on our financial position and operating flexibility;
• our ability to successfully defend ourselves in legal proceedings;
• our ability to remediate any material weaknesses or maintain effective internal controls over financial reporting; and
• our ability to continue to meet applicable listing standards.

The foregoing list of factors is not exhaustive and new factors may emerge from time to time that could also affect actual performance and results. For more information, please see the risk factors included in Churchill Capital Corp. II’s Annual Report on Form 10-K/A for the year ended December 31, 2020 in Part I, Item 1A and in the registration statement on Form S-4 filed by Churchill Capital Corp. II and declared effective by the Securities and Exchange Commission (the “SEC”) on May 27, 2021, and subsequent filings with the SEC.

Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of these assumptions, and therefore also the forward-looking statements based on these assumptions, could themselves prove to be inaccurate. Given the significant uncertainties inherent in the forward-looking statements included in this document, our inclusion of this information is not a representation or guarantee by us that our objectives and plans will be achieved. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results. Additionally, statements as to market share, industry data and our market position are based on the most currently available data available to us and our estimates regarding market position or other industry data included in this document or otherwise discussed by us involve risks and uncertainties and are subject to change based on various factors, including as set forth above.

Our forward-looking statements speak only as of the date made and we will not update these forward-looking statements unless required by applicable law. With regard to these risks, uncertainties and assumptions, the forward-looking events discussed in this document may not occur, and we caution you against unduly relying on these forward-looking statements.

SKILLSOFT CORP.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT NUMBER OF SHARES)
		Successor			Predecessor (SLH)
		July 31, 2021			January 31, 2021
ASSETS
Current assets:
Cash and cash equivalents	$	90,772		$	71,479
Restricted cash		14,742			2,964
Accounts receivable, less reserves of approximately $2,662 and $294 as of July 31, 2021 and January 31, 2021, respectively		120,980			179,784
Prepaid expenses and other current assets		48,584			30,326
Total current assets		275,078			284,553
Property and equipment, net		15,055			13,780
Goodwill		761,177			495,004
Intangible assets, net		946,731			728,633
Right of use assets		24,578			15,131
Deferred tax asset		3,710			—
Other assets		8,092			8,636
Total assets	$	2,034,421		$	1,545,737
LIABILITIES AND SHAREHOLDER’S EQUITY
Current liabilities:
Current maturities of long-term debt	$	3,600		$	5,200
Borrowings under accounts receivable facility		24,822			17,022
Accounts payable		34,514			7,425
Accrued compensation		41,097			36,375
Accrued expenses and other current liabilities		62,473			23,125
Lease liabilities		9,662			4,740
Deferred revenue		165,900			257,549
Total current liabilities		342,068			351,436
Long-term debt		463,799			510,236
Warrant liabilities		28,525			900
Deferred tax liabilities		116,462			81,008
Long term lease liabilities		16,098			13,155
Deferred revenue – non-current		1,749			3,035
Other long-term liabilities		5,045			5,998
Total long-term liabilities		631,678			614,332
Commitments and contingencies		–			–
Shareholders’ equity :
(Predecessor SLH) Shareholders’ common stock- Class A and Class B common shares, $0.01 par value: 1,000,000,000 shares authorized (800,000,000 Class A, 200,000,000 Class B) at January 31, 2021; 4,000,000 shares issued and outstanding (3,840,000 Class A, 160,000 Class B) at January 31, 2021		–			40
(Successor) Shareholders’ common stock- Class A common shares, $0.0001 par value: 375,000,000 shares authorized and 133,059,021 shares issued and outstanding at July 31, 2021		11			–
Additional paid-in capital		1,297,716			674,333
Accumulated deficit		(237,958)			(93,722)
Accumulated other comprehensive income (loss)		906			(682)
Total shareholders’ equity		1,060,675			579,969
Total liabilities and shareholders’ equity	$	2,034,421		$	1,545,737

SKILLSOFT CORP.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
		Successor			Predecessor (SLH)								Predecessor (PL)
		From				From				From
		June 12, 2021 to July 31, 2021				May 1, 2021 to June 11, 2021				February 1, 2021 to June 11, 2021				Three months ended July 31, 2020				Six months ended July 31, 2020
Revenues:
Total revenues	$	57,912				47,935				139,636				116,835				235,164
Operating expenses:
Cost of revenues		28,006				11,360				35,881				21,618				45,831
Content and software development		9,878				7,477				24,084				16,835				33,778
Selling and marketing		22,234				13,438				41,940				34,033				66,769
General and administrative		17,073				4,855				17,217				15,324				32,015
Amortization of intangible assets		20,023				15,959				50,902				12,779				30,148
Impairment of goodwill and intangible assets		–				–				–				–				332,376
Recapitalization and transaction-related costs		9,995				5,006				6,938				16,659				32,035
Restructuring		316				(1,240	)			(703	)			771				1,141
Total operating expenses		107,525				56,855				176,259				118,019				574,093
Operating loss		(49,613	)			(8,920	)			(36,623	)			(1,184	)			(338,929	)
Other (expense) income, net		(697	)			(41	)			(493	)			898				1,809
Fair value adjustment of warrants		17,115				800				900				–				–
Interest income		12				54				64				65				84
Interest expense, net		(9,856	)			(5,371	)			(16,820	)			(61,076	)			(167,054	)
Reorganization items, net		–				–				–				(10,593	)			(10,593	)
Loss before benefit from income taxes		(43,039	)			(13,478	)			(52,972	)			(71,890	)			(514,683	)
Benefit from income taxes		(5,504	)			(1,619	)			(3,708	)			(909	)			(9,800	)
Net loss	$	(37,535	)			(11,859	)			(49,264	)			(70,981	)			(504,883	)
Loss per share:
Ordinary – Basic and Diluted (Predecessor (PL))		*				*				*			$	(709.10	)		$	(5,043.79	)
Class A and B – Basic and Diluted (Predecessor (SLH))		*			$	(2.96	)		$	(12.32	)			*				*
Ordinary – Basic and Diluted (Successor)	$	(0.28	)			*				*				*				*
Weighted average common share outstanding:
Ordinary – Basic and Diluted (Predecessor (PL))		*				*				*				100.1				100.1
Class A and B – Basic and Diluted (Predecessor (SLH))		*				4,000				4,000				*				*
Ordinary – Basic and Diluted (Successor)		133,059				*				*				*				*
*Not applicable

SKILLSOFT CORP.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
		Successor			Predecessor (SLH)			Predecessor (PL)
		From			From
		June 12, 2021 to July 31, 2021			February 1, 2021 to June 11, 2021			Six months ended July 31, 2020
Cash flows from operating activities:
Net loss	$	(37,535)		$	(49,264)		$	(504,883)
Adjustments to reconcile net loss to net cash provided by operating activities:
Share-based compensation		4,817			–			–
Depreciation		1,705			3,572			5,120
Amortization of intangible assets		20,023			50,902			30,148
Change in bad debt reserve		(170)			(174)			19
Provision for (benefit from) income taxes – non-cash		(6,180)			(5,886)			(11,478)
Non-cash interest expense		434			487			2,829
Impairment of goodwill and intangible assets		–			–			332,376
Right-of-use assets amortizations		1,445			748			1,435
Fair value adjustment to warrants		(17,115)			(900)			–
Non-cash reorganization items, net		–			–			4,818
Changes in current assets and liabilities, net of effects from acquisitions:
Accounts receivable		6,963			88,622			93,124
Prepaid expenses and other assets		(13,065)			3,379			(9,265)
Accounts payable		5,175			(6,417)			(5,520)
Accrued expenses and non-current liabilities		18,026			(18,592)			159,565
Lease liability		(1,690)			(1,301)			(1,942)
Deferred revenue		17,905			(31,365)			(84,773)
Net cash provided by operating activities		738			33,811			11,573
Cash flows from investing activities:
Purchases of property and equipment		(75)			(641)			(2,985)
Internal use software development costs		(881)			(2,350)			(3,401)
Acquisition of Skillsoft, net of cash received		(386,035)			–			–
Acquisition of Global Knowledge, net of cash received		(156,926)			–			–
Acquisition of Pluma, net of cash received		(18,646)			–			–
Net cash used in investing activities		(562,563)			(2,991)			(6,386)
Cash flows from financing activities:
Borrowings under revolving line of credit, net of repayments		–			–			19,500
Borrowings under DIP Facility		–			–			60,000
Proceeds from issuance of Term Loan, net of fees		464,290			–			–
Proceeds from equity investment (PIPE)		530,000			–			–
Principal repayments of capital lease obligations		(137)			(370)			(430)
Repayments of accounts receivable facility, net of borrowings		(9,456)			16,577			(19,270)
Repayments of First and Second Out loans		(605,591)			(1,300)			–
Net cash provided by financing activities		379,106			14,907			59,800
Effect of exchange rate changes on cash and cash equivalents		(250)			203			(2,264)
Net (decrease) increase in cash, cash equivalents and restricted cash		(182,969)			45,930			62,723
Cash, cash equivalents and restricted cash, beginning of period		288,483			74,443			33,804
Cash, cash equivalents and restricted cash, end of period	$	105,514		$	120,373		$	96,527

Key Performance Metrics

We use key performance metrics to help us evaluate our performance and make strategic decisions. Additionally, we believe these metrics are useful as a supplement to investors in evaluating the Company’s ongoing operational performance and trends. These key performance metrics are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly titled metrics presented by other companies.

Annualized Recurring Revenue (“ARR”)

ARR represents the annualized recurring value of all active subscription contracts at the end of a reporting period. We believe ARR is useful for assessing the performance of our recurring subscription revenue base and identifying trends affecting our business.

Dollar Retention Rate (“DRR”)

For existing customers at the beginning of a given period, DRR represents subscription renewals, upgrades, churn, and downgrades in such period divided by the beginning total renewable base for such customers for such period. Renewals reflect customers who renew their subscription, inclusive of auto-renewals for multi-year contracts, while churn reflects customers who choose to not renew their subscription. Upgrades include orders from customers that purchase additional licenses or content (e.g., a new Leadership and Business module), while downgrades reflect customers electing to decrease the number of licenses or reduce the size of their content package. Upgrades and downgrades also reflect changes in pricing. We use our DRR to measure the long-term value of customer contracts as well as our ability to retain and expand the revenue generated from our existing customers.

Bookings

Bookings (previously referred to as order intake) in any particular period represents orders received during that period and reflects (i) subscription renewals, upgrades, churn, and downgrades to existing customers, (ii) non- subscription services, and (iii) sales to new customers. Bookings generally represents a customer’s annual obligation (versus the life of the contract), and, for the subscription business, revenue is recognized for such bookings over the following 12 months. We use bookings to measure and monitor current period business activity with respect to our ability to sell subscriptions and services to our platform

SKILLSOFT CORP

KEY OPERATING METRICS

Bookings
		Three Months			Six Months
(in thousands)		Ended July 31,			Ended July 31,
		2021	2020		2021	2020
Content and Global Knowledge
Percipio		$15,423	$10,465		$32,534	$20,582
Dual Deployment		31,827	26,734		41,696	39,409
Skillport		12,730	18,160		22,048	32,072
Total Subscription		$59,980	$55,359		$96,278	$92,063
Services and One-Time Orders		3,716	3,206		6,288	5,011
Total Content		$63,696	$58,565		$102,565	$97,075
Global Knowledge		63,541	48,769		128,798	105,806
Total Content and Global Knowledge		$127,237	$107,334		$231,363	$202,881
SumTotal Business
Subscription		$21,308	$19,606		$42,081	$46,457
Services and One-Time Orders		6,150	4,313		10,801	9,614
Total SumTotal		$27,458	$23,919		$52,882	$56,071
Total Bookings		$154,695	$131,253		$284,245	$258,952

Annualized Recurring Revenue
(in thousands)		July 31,		January 31,
		2021		2021
Content and Global Knowledge
Percipio		$84,185		$75,802
Dual Deployment		173,256		161,327
Skillport		60,282		80,245
Total Content		$317,723		$317,374
Global Knowledge		15,273		10,504
Total Content and Global Knowledge		$332,996		$327,878
SumTotal		96,020		99,148
Total Annualized Recurring Revenue		$429,016		$427,026

Dollar Retention Rate
		July 31
		LTM	2021	2020
Percipio		99%	99%	102%
Dual Deployment		102%	104%	102%
Percipio + Dual Deployment		101%	103%	102%
Skillport		78%	88%	68%
Total Content Business		95%	99%	88%
SumTotal Business		96%	99%	79%

Non-GAAP Financial Measures – Adjusted Revenue   SKILLSOFT CORP RECONCILIATION OF NON-GAAP FINANICAL MEASURES (in thousands) (Unaudited)
			Skillsoft and Global Knowledge Combined
			Three Months Ended July 31,						Six Months Ended July 31,
				2021			2020			2021			2020
	Consolidated
	Adjusted subscription revenue		$	104,628		$	107,874		$	205,976		$	215,162
	Adjusted non-subscription revenue			10,883			10,561			21,011			21,611
	Adjusted Global Knowledge revenue			60,976			49,811			115,742			111,216
	Total Consolidated adjusted revenue			176,487			168,246			342,729			347,989
	Content Business
	Adjusted subscription revenue			80,428			81,860			157,950			162,287
	Adjusted non-subscription revenue			4,015			3,827			8,178			7,727
	Total Content Business adjusted revenue			84,443			85,687			166,128			170,014
	Global Knowledge Business
	Virtual and on-demand			50,836			40,447			97,563			72,400
	Classroom and all other			10,140			9,364			18,179			38,816
	Total Global Knowledge adjusted revenue			60,976			49,811			115,742			111,216
	SumTotal Business
	Adjusted subscription revenue			24,200			26,014			48,026			52,875
	Adjusted non-subscription revenue			6,868			6,734			12,833			13,884
	Total SumTotal adjusted revenue		$	31,068		$	32,748		$	60,859		$	66,759

		For the Three Months Ended July 31, 2021
		For the Period from 5/1/21 to 6/11/21		For the Period from 5/1/21 to 6/11/21		For the Period from 6/12/21 to 7/31/21		Non-GAAP Revenue Adjustments (1)
		Global Knowledge		Skillsoft		Skillsoft (2)				Combined
Revenues:
Total revenues		$ 25,255		$ 47,935		$ 57,912		$ 45,385		$ 176,487
Operating expenses
Cost of revenues		11,836		11,360		28,006		6,468		57,670
Content and software development		258		7,477		9,878		–		17,613
Selling and marketing		5,398		13,438		22,234		–		41,070
General and administrative		10,765		4,855		17,073		–		32,693
Amortization of intangible assets		1,063		15,959		20,023		–		37,045
Recapitalization and transaction-related costs				5,006		9,995		–		15,001
Restructuring		146		(1,240)		316		–		(778)
Total operating expenses		29,466		56,855		107,525		6,468		200,314
Operating loss:		$ (4,212)		$ (8,920)		$ (49,613)		$ 38,917		$ (23,828)
Other income (expense), net		(852)		759		16,418		–		16,325
Interest income				54		12		–		66
Interest expense		(1,901)		(5,371)		(9,856)		–		(17,128)
Reorganization items, net				–		–				–
Loss before provision for (benefit from) income taxes		(6,965)		(13,478)		(43,039)		38,917		(24,565)
Provision for (benefit from) income taxes		481		(1,619)		(5,504)		–		(6,642)
Net loss		$ (7,446)		$ (11,859)		$ (37,535)		$ 38,917		$ (17,923)
EBITDA Computation
Interest expense, net		$ 1,901		$ 5,317		$ 9,844		$ –		$ 17,062
Provision for (benefit from) income taxes		481		(1,619)		(5,504)		–		(6,642)
Depreciation and amortization		1,530		17,112		21,728		–		40,370
Impairment of goodwill and intangible assets				–		–		–		–
EBITDA		(3,534)		8,951		(11,467)		38,917		32,867
Adjusted EBITDA Computation
Plus: Non-recurring retention and consulting costs		28		446		15		–		489
Plus: Recapitalization and transaction-related costs		7,469		5,006		9,995		–		22,470
Plus: Restructuring and contract terminations		266		(1,240)		316		–		(658)
Plus: Integration and migration related		–		381		500		–		881
Plus: Foreign currency and other non-cash expense		632		(37)		(16,677)		–		(16,082)
Plus: Impact of fresh-start and purchase accounting		–		5,374		32,485		(38,917)		(1,058)
Plus: Stock-based compensation expense				–		4,817		–		4,817
Plus: Other add backs		49		(722)		259		–		(414)
Adjusted EBITDA		$ 4,910		$ 18,159		$ 20,243		$ –		$ 43,312

(1) Non-GAAP revenue adjustments include the add back of (i) non-cash deferred revenue fair value adjustments and (ii) reseller fees, which are presented on a net basis in GAAP revenue.

(2) GAAP results of Skillsoft include Global Knowledge subsequent to June 11, 2021.

		For the Six Months Ended July 31, 2021
		For the Period from 2/1/21 to 6/11/21		For the Period from 2/1/21 to 6/11/21		For the Period from 6/12/21 to 7/31/21		Non-GAAP Revenue Adjustments (1)
		Global Knowledge		Skillsoft		Skillsoft (2)				Combined
Revenues:
Total revenues		$ 71,932		$ 139,636		$ 57,912		$ 73,249		$ 342,729
Operating expenses
Cost of revenues		34,698		35,881		28,006		14,557		113,142
Content and software development		492		24,084		9,878		–		34,454
Selling and marketing		16,404		41,940		22,234		–		80,578
General and administrative		19,765		17,217		17,073		–		54,055
Amortization of intangible assets		2,646		50,902		20,023		–		73,571
Recapitalization and transaction-related costs		–		6,938		9,995		–		16,933
Restructuring		2,764		(703)		316		–		2,377
Total operating expenses		76,770		176,259		107,525		14,557		375,111
Operating loss:		$ (4,838)		$ (36,623)		$ (49,613)		$ 58,692		$ (32,382)
Other income, net		624		407		16,418		–		17,449
Interest income		–		64		12		–		76
Interest expense		(11,970)		(16,820)		(9,856)		–		(38,646)
Reorganization items, net		–		–		–				–
Loss before benefit from income taxes		(16,184)		(52,972)		(43,039)		58,692		(53,503)
Benefit from income taxes		(359)		(3,708)		(5,504)		–		(9,571)
Net loss		$ (15,826)		$ (49,264)		$ (37,535)		$ 58,692		$ (43,933)
EBITDA Computation
Interest expense, net		$ 11,970		$ 16,756		$ 9,844		$ –		$ 38,570
Benefit from income taxes		(359)		(3,708)		(5,504)		–		(9,571)
Depreciation and amortization		4,119		54,474		21,728		–		80,321
Impairment of goodwill and intangible assets		–		–		–		–		–
EBITDA		(95)		18,258		(11,467)		58,692		65,388
Adjusted EBITDA Computation
Plus: Non-recurring retention and consulting costs		28		1,153		15		–		1,196
Plus: Recapitalization and transaction-related costs		8,862		6,938		9,995		–		25,795
Plus: Restructuring and contract terminations		2,884		(703)		316		–		2,497
Plus: Integration and migration related		–		1,160		500		–		1,660
Plus: Foreign currency and other non-cash expense		377		134		(16,677)		–		(16,166)
Plus: Impact of fresh-start and purchase accounting		–		23,395		32,485		(58,692)		(2,812)
Plus: Stock-based compensation expense		–		–		4,817		–		4,817
Plus: Other add backs		(1,119)		(300)		259		–		(1,160)
Adjusted EBITDA		$ 10,938		$ 50,035		$ 20,243		$ –		$ 81,216

(1) Non-GAAP revenue adjustments include the add back of (i) non-cash deferred revenue fair value adjustments and (ii) reseller fees, which are presented on a net basis in GAAP revenue.

(2) GAAP results of Skillsoft include Global Knowledge subsequent to June 11, 2021.

		For the Three Months Ended July 31, 2020
						Non-GAAP Revenue Adjustments (1)
		Global Knowledge		Skillsoft
								Combined
Revenues:
Total revenues		$ 44,522		$ 116,835		$ 6,889		$ 168,246
Operating expenses
Cost of revenues		23,339		21,618		6,889		51,846
Content and software development		721		16,835		–		17,556
Selling and marketing		9,302		34,033		–		43,335
General and administrative		7,934		15,324		–		23,258
Amortization of intangible assets		1,862		12,779		–		14,641
Recapitalization and transaction-related costs		–		16,659		–		16,659
Restructuring		2,275		771		–		3,046
Total operating expenses		45,434		118,019		6,889		170,342
Operating loss:		$ (912)		$ (1,184)		$ –		$ (2,096)
Other income, net		622		898		–		1,520
Interest income				65		–		65
Interest expense		(7,507)		(61,076)		–		(68,583)
Reorganization items, net		–		(10,593)				(10,593)
Loss before provision for (benefit from) income taxes		(7,797)		(71,890)		–		(79,687)
Provision for (benefit from) income taxes		96		(909)		–		(813)
Net loss		$ (7,893)		$ (70,981)		$ –		$ (78,874)
EBITDA Computation
Interest expense, net		$ 7,507		$ 61,011		$ –		$ 68,518
Provision for (benefit from) income taxes		96		(909)		–		(813)
Depreciation and amortization		3,640		15,267		–		18,907
Impairment of goodwill and intangible assets		–		–		–		–
EBITDA		3,350		4,388		–		7,738
Adjusted EBITDA Computation
Plus: Non-recurring retention and consulting costs		673		3,607		–		4,280
Plus: Recapitalization and transaction-related costs		455		16,659		–		17,114
Plus: Restructuring and contract terminations		1,603		771		–		2,374
Plus: Integration and migration related		–		609		–		609
Plus: Foreign currency and other non-cash expense		(868)		(36)		–		(904)
Plus: Impact of fresh-start and purchase accounting		–		10,593		–		10,593
Plus: Stock-based compensation expense				–		–		–
Plus: Other add backs		291		156		–		447
Adjusted EBITDA		$ 5,504		$ 36,747		$ –		$ 42,251

(1) Non-GAAP revenue adjustments include the add back of (i) non-cash deferred revenue fair value adjustments and (ii) reseller fees, which are presented on a net basis in GAAP revenue.

		For the Six Months Ended July 31, 2020
						Non-GAAP Revenue Adjustments (1)
		Global Knowledge		Skillsoft
								Combined
Revenues:
Total revenues		$ 98,502		$ 235,164		$ 14,323		$ 347,989
Operating expenses
Cost of revenues		54,057		45,831		14,323		114,211
Content and software development		1,520		33,778		–		35,298
Selling and marketing		19,918		66,769		–		86,687
General and administrative		16,086		32,015		–		48,101
Amortization of intangible assets		3,723		362,524		–		366,247
Recapitalization and transaction-related costs		–		32,035		–		32,035
Restructuring		4,307		1,141		–		5,448
Total operating expenses		99,612		574,093		14,323		688,028
Operating loss:		$ (1,110)		$ (338,929)		$ –		$ (340,039)
Other income (expense), net		(781)		1,809		–		1,028
Interest income		–		84		–		84
Interest expense		(14,562)		(167,054)		–		(181,616)
Reorganization items, net		–		(10,593)				(10,593)
Loss before benefit from income taxes		(16,453)		(514,683)		–		(531,136)
Benefit from income taxes		(211)		(9,800)		–		(10,011)
Net loss		$ (16,242)		$ (504,883)		$ –		$ (521,125)
EBITDA Computation
Interest expense, net		$ 14,562		$ 166,970		$ –		$ 181,532
Benefit from income taxes		(211)		(9,800)		–		(10,011)
Depreciation and amortization		7,625		35,268		–		42,893
Impairment of goodwill and intangible assets		–		332,376		–		332,376
EBITDA		5,734		19,931		–		25,665
Adjusted EBITDA Computation
Plus: Non-recurring retention and consulting costs		1,362		9,485		–		10,847
Plus: Recapitalization and transaction-related costs		704		32,035		–		32,739
Plus: Restructuring and contract terminations		2,939		1,141		–		4,080
Plus: Integration and migration related		8		1,167		–		1,175
Plus: Foreign currency and other non-cash expense		953		(890)		–		63
Plus: Impact of fresh-start and purchase accounting		–		10,593		–		10,593
Plus: Stock-based compensation expense		–		–		–		–
Plus: Other add backs		(16)		214		–		198
Adjusted EBITDA		$ 11,684		$ 73,676		$ –		$ 85,360

(1) Non-GAAP revenue adjustments include the add back of (i) non-cash deferred revenue fair value adjustments and (ii) reseller fees, which are presented on a net basis in GAAP revenue.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20210914006156/en/

Investors

James Gruskin

[email protected]

Media

Caitlin Leddy

[email protected]

KEYWORDS: Massachusetts United States North America

INDUSTRY KEYWORDS: Technology Other Professional Services Professional Services Other Technology

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Posted on September 14, 2021 4:38 pm

Walker & Dunlop Investment Partners and Ivanhoé Cambridge Announce a Multifamily Preferred Equity Partnership

Joint venture to make preferred equity investments in multiple asset classes across the United States

PR Newswire

DENVER, Sept. 14, 2021 /PRNewswire/ — Walker & Dunlop Investment Partners, Inc. announced today that it has partnered with Ivanhoé Cambridge, a Canadian real estate company with assets around the globe, to form a programmatic joint venture.

The joint venture will make preferred equity investments in multifamily, student housing, and manufactured housing properties throughout the United States. Its strategy will focus on identifying opportunities with stabilized properties, primarily in top 25 MSAs, with a range of three- to ten-year investment horizons. The venture aims to address the growing need for flexible gap financing at an attractive cost of capital amidst a low cap rate, high-liquidity capital markets environment in the residential space.

“We’re excited to grow our relationship with Ivanhoé Cambridge through this program by capitalizing on the low cap rate, high-liquidity conditions driving demand for gap financing in the market today,” said Sam Isaacson, President of Walker & Dunlop Investment Partners. “Our product is designed to help sponsors achieve their desired leverage targets with incremental proceeds at a much lower cost of capital than common equity. Ivanhoé Cambridge is a world-class institution, and we look forward to continuing our successful partnership together.”

“This partnership with Walker & Dunlop Investment Partners is part of our broader strategy to further diversify our U.S. residential investment portfolio across markets and risk spectrum,” said Charles-Antoine Lussier, Senior Vice President, Investments, Residential and Hotels at Ivanhoé Cambridge. “Walker & Dunlop is a market leader for multifamily financing with a nationwide network. We have worked with them for many years, and we are glad to expand our existing relationship to provide incremental proceeds and more flexibility across the capital structure.”

About Walker & Dunlop Investment Partners

Walker & Dunlop Investment Partners (“WDIP,” f.k.a. JCR Capital Investment Corporation) is an alternative investment manager that provides capital solutions to middle-market commercial real estate sponsors. Investing on behalf of insurance companies, public pension funds, endowments, foundations, family offices, and high-net worth individuals, WDIP partners with sponsors whose transactions are in need of financing but are under-served by institutional capital. The Denver, Colorado-based firm’s investment vehicles focus on opportunistic, value-add, and income-oriented commercial real estate strategies. As a wholly owned subsidiary of Walker & Dunlop, one of the largest commercial real estate finance companies in the United States, WDIP has unmatched access to proprietary resources and market intelligence. This partnership offers clients unique, real-time insights into market movements, valuation, pricing, and underwriting. For more information, visit www.wdinvestmentpartners.com.

All investments have risk of loss and WDIP cannot guarantee any investment strategy will achieve its goals and objectives. Nothing herein is an offer to sell any security, including an interest in any private fund. 

About Ivanhoé Cambridge
Ivanhoé Cambridge develops and invests in high-quality real estate properties, projects and companies that are shaping the urban fabric in dynamic cities around the world. It does so responsibly, with a view to generate long-term performance. Ivanhoé Cambridge is committed to creating living spaces that foster the well-being of people and communities, while reducing its environmental footprint.

Ivanhoé Cambridge invests internationally alongside strategic partners and major real estate funds that are leaders in their markets. Through subsidiaries and partnerships, the Company holds interests in more than 1,100 buildings, primarily in the industrial and logistics, office, residential and retail sectors. Ivanhoé Cambridge held C$60,4 billion in real estate assets as at December 31, 2020 and is a real estate subsidiary of Caisse de dépôt et placement du Québec (cdpq.com), a global investment group. For more information:  ivanhoecambridge.com.

About Walker & Dunlop

Walker & Dunlop (NYSE: WD) is the largest provider of capital to the multifamily industry in the United States and the fourth largest lender on all commercial real estate including industrial, office, retail, and hospitality. Walker & Dunlop enables real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. The power of our people, premier brand, and industry-leading technology make us more insightful and valuable to our clients, providing an unmatched experience every step of the way. With over 1,000 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune‘s Great Places to Work^® and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental, and economic change in our communities.

View original content to download multimedia:https://www.prnewswire.com/news-releases/walker–dunlop-investment-partners-and-ivanhoe-cambridge-announce-a-multifamily-preferred-equity-partnership-301376789.html

SOURCE Walker & Dunlop Investment Partners, Inc.

Posted on September 14, 2021 4:34 pm

IGT’s Knute Knudson, Jr. to be Inducted into American Gaming Association’s Gaming Hall of Fame

Long-time IGT Executive Knudson honored for immense impact and contributions to tribal gaming growth

PR Newswire

LONDON, Sept. 14, 2021 /PRNewswire/ — International Game Technology PLC (“IGT”) (NYSE: IGT) announced today that Knute Knudson, Jr., Vice President of Global Business Development and Tribal Ambassador, will be inducted into the American Gaming Association’s (AGA) Gaming Hall of Fame as a member of the Class of 2021. Knudson will be honored on October 5 at the AGA’s Chairman’s Reception during the Global Gaming Expo in Las Vegas, Nev.

Induction into the Gaming Hall of Fame is the highest honor accorded by the gaming industry. Each year, two or more individuals who have distinguished themselves through significant contributions receive this honor. Gaming Hall of Fame honorees are selected by an independent panel of gaming leaders.

“Knute’s dedicated support and committed advocacy of tribal gaming expansion and sustained health and well-being of Indian country are unmatched in our industry,” said Renato Ascoli, IGT CEO, Global Gaming. “Knute is a true champion of tribal gaming—a constant source of knowledge, guidance, and support to hundreds of tribes throughout his lengthy career. IGT is incredibly proud that Knute’s impact as a strategic partner and dedicated friend to Indian Country is being recognized with an induction into the AGA’s Gaming Hall of Fame.”

“I am distinctly honored and thrilled to be accepted into this esteemed group of AGA Gaming Hall of Fame honorees,” said Knudson. “The advancement of Indian gaming, tribal self-sufficiency, and, importantly, Tribal Sovereignty has been my life’s work, and my success is intricately tied to Indian people who have trusted me to advance their causes and expand gaming opportunities on their behalf. I am grateful for their confidence, partnerships and friendships and thank IGT for its continued support.”

For more information about IGT visit igt.com and follow us on LinkedIn.

About Knute Knudson, Jr.
Knudson has been an advocate and proponent of Indian gaming for three decades. As Deputy Chief of Staff at the Department of the Interior from 1989 to 1993, Knudson led efforts to implement the Indian Gaming Regulatory Act, working on compacts, trust applications, and National Indian Gaming Commission (NIGA) appointments.

After joining Sodak Gaming, Knudson played an integral role in securing economic self-sufficiency for Indian Country throughout the 1990s, financing more than $1.5 billion in equipment and systems sales to tribes looking to start gaming businesses. Knudson authored “Getting Started in Indian Gaming” which became a blueprint for the first decade of tribal gaming startups.

Knudson testified in front of Congress, state legislatures, and regulators as an advocate of tribal gaming, constantly navigating the complexities of policy and practice to identify and address the needs of Indian people and culture. In the early 1990s, Knudson successfully presented the case to the Department of the Interior and NIGA that linked Wide Area Progressive games were permissible under the Indian Gaming Regulatory Act. This led to the launch of the Native American Progressive System (NAPS) in 1994.

Today, Knudson continues to advance the interests of tribal gaming growth, Sovereignty, and prosperity. His work for IGT brings the latest technology, branded content, and proven core games to tribes to grow casino revenues and strengthen tribal self-sufficiency and economic independence.

Knute has been honored by dozens of tribal governments and associations and, in 2018, he was honored with NIGA’s Lifetime Achievement Award.

About IGT
IGT (NYSE:IGT) is the global leader in gaming. We deliver entertaining and responsible gaming experiences for players across all channels and regulated segments, from Gaming Machines and Lotteries to Sports Betting and Digital. Leveraging a wealth of compelling content, substantial investment in innovation, player insights, operational expertise, and leading-edge technology, our solutions deliver unrivaled gaming experiences that engage players and drive growth. We have a well-established local presence and relationships with governments and regulators in more than 100 countries around the world, and create value by adhering to the highest standards of service, integrity, and responsibility. IGT has approximately 11,000 employees. For more information, please visit www.igt.com.

Contact:

Phil O’Shaughnessy, Global Communications, toll free in U.S./Canada +1 (844) IGT-7452; outside U.S./Canada +1 (401) 392-7452
Francesco Luti, +39 3485475493; for Italian media inquiries
James Hurley, Investor Relations, +1 (401) 392-7190

© 2021 IGT

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SOURCE International Game Technology PLC

Posted on September 14, 2021 4:33 pm

Genuine Parts Company to Host Industrial Deep Dive

PR Newswire

ATLANTA, Sept. 14, 2021 /PRNewswire/ — Genuine Parts Company (NYSE: GPC) announced today that members of its leadership team will host a webcast providing a deep dive on the Company’s industrial business on September 15, 2021 at 10:00 a.m. ET.

Interested parties can access the live webcast on the Company’s investor relations website. A replay of the webcast will be available after the event.

About Genuine Parts Company
Founded in 1928, Genuine Parts Company is a global service organization engaged in the distribution of automotive and industrial replacement parts. The Company’s Automotive Parts Group distributes automotive replacement parts in the U.S., Canada, Mexico, Australasia, France, the United Kingdom, Ireland, Germany, Poland, the Netherlands and Belgium. The Company’s Industrial Parts Group distributes industrial replacement parts in the U.S., Canada, Mexico and Australasia. In total, the Company serves its global customers from an extensive network of more than 10,000 locations in 15 countries. Genuine Parts Company had 2020 revenues of $16.5 billion. Further information is available at www.genpt.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/genuine-parts-company-to-host-industrial-deep-dive-301376832.html

SOURCE Genuine Parts Company

Posted on September 14, 2021 4:33 pm

The Real Brokerage Inc. Announces Restricted Share Unit Grant

PR Newswire

TORONTO and NEW YORK, Sept. 14, 2021 /PRNewswire/ — The Real Brokerage Inc. (“Real” or the “Company“) (TSXV: REAX) (NASDAQ: REAX), an international, technology-powered real estate brokerage, today announced that on September 7, 2021 the Company granted an aggregate of 2,322 restricted share units (“”RSUs“) under Real’s restricted share unit plan to certain officers of the Real. 2,000 RSUs will vest over a three-year period and 323 RSUs will vest over a one-year period.

About Real 
Real ( www.joinreal.com ) is a technology-powered real estate brokerage operating in 32 U.S. states, the District of Columbia and Canada. Real is building the future, together with agents and their clients. Real creates financial opportunities for agents through better commission splits, best-in-class technology, revenue sharing and equity incentives.

Contact Information
For additional information, please contact:

Investor Relations:

James Carbonara

Hayden IR
(646)-755-7412
[email protected]

Media Relations:

Caroline Glennon



[email protected]



1+201-564-4221

Forward-Looking Information

This press release contains forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof. Forward-looking information in this press release includes, without limiting the foregoing, the vesting of RSUs and the business and strategic plans of Real.

Forward-looking information is based on assumptions that may prove to be incorrect, including but not limited to Real’s business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. Real considers these assumptions to be reasonable in the circumstances. However, forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking information. These factors should be carefully considered, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, Real cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and Real assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release, and the NASDAQ has neither approved nor disapproved the contents of this press release.

View original content:https://www.prnewswire.com/news-releases/the-real-brokerage-inc-announces-restricted-share-unit-grant-301376739.html

SOURCE The Real Brokerage Inc.

Posted on September 14, 2021 4:33 pm

BancorpSouth Subsidiary BXS Community Fund, LLC Awarded $50 Million New Markets Tax Credit Allocation

PR Newswire

TUPELO, Miss., Sept. 14, 2021 /PRNewswire/ — BancorpSouth Bank (NYSE: BXS) is pleased to announce that its subsidiary BXS Community Fund, LLC, which is a Community Development Entity (“CDE”), has been awarded a $50 million New Markets Tax Credit (NMTC) allocation that will spur investments and economic growth in low-income urban and rural communities.

BXS Community Fund is one of 100 CDEs, selected from a pool of 208 nationwide applicants, to receive a tax credit allocation, administered by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund).

“We’re pleased to receive this award to assist with our efforts to increase investments in disadvantaged businesses and communities while providing highly accessible jobs, health care and access to fresh foods,” said BancorpSouth President and COO Chris Bagley.

The NMTC allocation will be used to provide capital to high-impact projects throughout the Southeast, focusing on the following areas:

1. Manufacturing/industrial businesses that create quality and accessible jobs;
2. Providing healthcare to underserved communities; and
3. Groceries that increase access to healthy foods.

All projects will be located in highly distressed, low-income communities as defined by the CDFI Fund. To learn more about BXS Community Fund, please contact BancorpSouth Tax Credit Manager Will Shurtleff at 601-607-4597 or [email protected].

About BancorpSouth Bank
BancorpSouth Bank (NYSE: BXS) is headquartered in Tupelo, Mississippi, with approximately $28 billion in assets.  BancorpSouth operates approximately 315 full-service branch locations as well as additional mortgage, insurance, and loan production offices in Alabama, Arkansas, Georgia, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, including an insurance location in Illinois.  BancorpSouth is committed to a culture of respect, diversity, and inclusion in both its workplace and communities. To learn more, visit our Community Commitment page at www.bancorpsouth.com; “Like” us on Facebook; follow us on Twitter and Instagram:  @MyBXS; or connect with us through LinkedIn.

View original content:https://www.prnewswire.com/news-releases/bancorpsouth-subsidiary-bxs-community-fund-llc-awarded-50-million-new-markets-tax-credit-allocation-301376713.html

SOURCE BancorpSouth Bank

Posted on September 14, 2021 4:33 pm

Papa John’s International, Inc. Successfully Completes Senior Notes Offering and Refinancing of Revolving Credit Facility, Further Strengthening and Aligning Capital Structure With Strong Growth Outlook and Cash-Generating Potential

Papa John’s International, Inc. Successfully Completes Senior Notes Offering and Refinancing of Revolving Credit Facility, Further Strengthening and Aligning Capital Structure With Strong Growth Outlook and Cash-Generating Potential

Offering of $400 Million Aggregate Principal Amount of Senior Notes Due 2029, Issued at Par With 3.875% Coupon

Revolving Credit Facility Amended and Increased to $600 Million, Extended for Additional Five-Year Term

LOUISVILLE, Ky.–(BUSINESS WIRE)–
Papa John’s International, Inc. (NASDAQ:PZZA) announced today that it has successfully completed its previously announced senior notes offering and the refinancing of its revolving credit facility, providing the Company with enhanced financial flexibility and additional liquidity. The transaction marks another significant step toward strengthening and aligning Papa John’s balance sheet and capital allocation priorities with its improving growth outlook and cash-generation potential.

The Company closed its previously announced offering of $400 million aggregate principal amount of 3.875% senior notes due 2029 (the “Notes”) in a private transaction exempt from the registration requirements of the Securities Act of 1933, as amended. The Notes are guaranteed by each of Papa John’s domestic restricted subsidiaries that are guarantors or borrowers under its Amended Credit Agreement (as defined below).

Concurrently with the closing of the offering of the Notes, Papa John’s amended and restated its existing credit agreement (the “Amended Credit Agreement”) with JPMorgan Chase Bank, Inc., as administrative agent, and the other lenders party thereto. Pursuant to the Amended Credit Agreement, Papa John’s revolving credit facility has been increased to an aggregate principal amount of $600 million and the maturity has been extended for an additional five-year term.

The net proceeds from the offering of the Notes, together with borrowings under the amended revolving credit facility, were used to repay outstanding borrowings under the Company’s existing revolving credit facility and term loan facility and to pay all related fees and expenses.

“As Papa John’s has transformed itself into an innovation-driven, growth brand, we have also made progress aligning our balance sheet and capital allocation priorities to support and accelerate our positive outlook,” said Ann Gugino, Papa John’s Chief Financial Officer. “We are committed to a balanced approach, having significantly increased growth investments and capital returns to shareholders over the past year, as well as simplifying our balance sheet. This refinancing locks in attractive interest rates for the long term, while maintaining an efficient cost of capital.”

Over the past 12 months Papa John’s other significant steps to optimize its financial policies and capital allocation priorities, in addition to the refinancing, include:

• Significantly increasing investments in high-return organic growth opportunities, including new Company-owned stores and technology;
• Converting and repurchasing the Company’s Series B Convertible Preferred Stock, thus simplifying the balance sheet, reducing the Company’s cost of capital and gaining flexibility for the future; and
• Raising the annual dividend rate 56% to $1.40 per share, approximately in line with the median yield for the S&P 500, and authorizing a $75 million share repurchase program.

This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall there be any offer, solicitation or sale of the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Papa John’s

Papa John’s International, Inc. (NASDAQ:PZZA) opened its doors in 1984 with one goal in mind: BETTER INGREDIENTS. BETTER PIZZA.^® Papa John’s believes that using high quality ingredients leads to superior quality pizzas. Its original dough is made of only six ingredients and is fresh, never frozen. Papa John’s tops its pizzas with real cheese made from mozzarella, pizza sauce made with vine-ripened tomatoes that go from vine to can in the same day and meat free of fillers. It was the first national pizza delivery chain to announce the removal of artificial flavors and synthetic colors from its entire food menu. Papa John’s is headquartered in Louisville, Ky. and is the world’s third largest pizza delivery company with more than 5,500 restaurants in 49 countries and territories as of June 28, 2021. For more information about the Company or to order pizza online, visit www.PapaJohns.com or download the Papa John’s mobile app for iOS or Android.

Forward-Looking Statements

Papa John’s cautions that this press release contains forward-looking statements, including, without limitation, statements regarding the Company’s business performance, capital allocation and financing strategies. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, material adverse changes in economic or industry conditions generally. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed or implied in these forward-looking statements. For a more complete discussion of other risk factors affecting Papa John’s, see Papa John’s filings with the Securities and Exchange Commission, including Papa John’s quarterly report on Form 10-Q for the six months ended June 27, 2021 and its annual report on Form 10-K for the fiscal year ended December 27, 2020. Papa John’s cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210914006135/en/

Investors:

Ann Gugino

Chief Financial Officer

502-261-7272

[email protected]

Steve Coke

SVP, Financial Operations, Accounting and Reporting

502-261-7272

[email protected]

Media:

Madeline Chadwick

SVP, Communications & Corporate Affairs

502-261-4189

[email protected]

Jeffrey Mathews

Gagnier Communications

646-569-5711

[email protected]

KEYWORDS: Kentucky United States North America

INDUSTRY KEYWORDS: Retail Restaurant/Bar Food/Beverage

MEDIA:

Posted on September 14, 2021 4:33 pm

The Hartford Announces New Agreement-In-Principle With Boy Scouts Of America And Majority Of Claimants

The Hartford Announces New Agreement-In-Principle With Boy Scouts Of America And Majority Of Claimants

HARTFORD, Conn.–(BUSINESS WIRE)–The Hartford (NYSE: HIG) announced today that it has entered into a new agreement-in-principle in the Boy Scouts of America (BSA) bankruptcy, superseding its prior agreement, which now includes the BSA, its local councils and the representatives of a majority of the sexual abuse claimants. As part of the agreement-in-principle, The Hartford will pay $787 million, before tax, for claims associated with policies mostly issued in the 1970s. In exchange for The Hartford’s payment, the BSA and its local councils will fully release The Hartford from any obligation under policies The Hartford issued to the BSA and its local councils. In addition, the representatives for the claimants joining this agreement-in-principle will support a plan of reorganization which incorporates the settlement. As announced on April 16, 2021, The Hartford had entered into a $650 million settlement with BSA; however, that previous settlement did not include the local councils or representatives of a majority of the claimants.

The agreement-in-principle was reached in connection with BSA’s Chapter 11 bankruptcy and will become a final settlement upon the occurrence of certain conditions, including execution of a definitive settlement agreement, confirmation of the BSA’s global resolution plan, receipt of executed releases from the local councils, and approval from the bankruptcy court as part of BSA’s overall plan of reorganization. The parties to the agreement-in-principle expect to receive court approval of the settlement in late 2021. No assurance can be given that all the conditions precedent to the settlement will be satisfied or that bankruptcy court approval, if obtained, will not be delayed for various procedural reasons.

The Hartford expects to record a charge against earnings of approximately $137 million, before tax, in the third quarter 2021 for prior accident year development recognized in connection with the additional amounts anticipated to be paid by The Hartford pursuant to the agreement-in-principle described above.

About The Hartford

The Hartford is a leader in property and casualty insurance, group benefits and mutual funds. With more than 200 years of expertise, The Hartford is widely recognized for its service excellence, sustainability practices, trust and integrity. More information on the company and its financial performance is available at https://www.thehartford.com. Follow us on Twitter at @TheHartford_PR.

The Hartford Financial Services Group, Inc., (NYSE: HIG) operates through its subsidiaries under the brand name, The Hartford, and is headquartered in Hartford, Connecticut. For additional details, please read The Hartford’s legal notice.

HIG-F

Some of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Factors that could cause actual results to differ, possibly materially, from those in the forward-looking statements include, but are not limited to, satisfaction of the conditions precedent to the settlement agreement, including execution of a definitive settlement agreement, confirmation of the BSA’s global resolution plan, receipt of executed releases from the local councils, and approval from the bankruptcy court of the BSA plan of reorganization, as well as other factors discussed in our 2020 Annual Report on Form 10-K, subsequent Quarterly Reports on Forms 10-Q, and the other filings we make with the Securities and Exchange Commission. We assume no obligation to update this release, which speaks as of the date issued.

From time to time, The Hartford may use its website and/or social media outlets, such as Twitter and Facebook, to disseminate material company information. Financial and other important information regarding The Hartford is routinely accessible through and posted on our website at https://ir.thehartford.com, Twitter account at www.twitter.com/TheHartford_PR and Facebook at https://facebook.com/thehartford. In addition, you may automatically receive email alerts and other information about The Hartford when you enroll your email address by visiting the “Email Alerts” section at https://ir.thehartford.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210914006133/en/

Media Contact:

Matthew Sturdevant

860-547-8664

[email protected]

Investor Contact:

Susan Spivak Bernstein

860-547-6233

[email protected]

KEYWORDS: United States North America Connecticut

INDUSTRY KEYWORDS: Insurance Professional Services

MEDIA:

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American Financial Group, Inc. Declares Special Dividend

CINCINNATI–(BUSINESS WIRE)–
American Financial Group, Inc. (NYSE: AFG) announced today that it has declared a special, one-time cash dividend of $4.00 per share of American Financial Group Common Stock. The dividend is payable on October 5, 2021, to holders of record on September 28, 2021. The aggregate amount of the payment to be made in connection with this special dividend will be approximately $340 million. This special dividend is in addition to the Company’s regular quarterly cash dividend last paid in July 2021. AFG recently announced a 12% increase in its regular quarterly cash dividend to $0.56 per share, beginning in October 2021.

AFG Co-CEOs Carl H. Lindner III and S. Craig Lindner stated: “Returning excess capital to shareholders in the form of this $4.00 special dividend is a key component of AFG’s capital management strategy; it reflects AFG’s strong financial position and our confidence in the Company’s financial future. Our Specialty P&C businesses continue to produce strong core operating earnings and generate excess capital. Our excess capital remains at a significant level, which affords us the financial flexibility to grow our Specialty P&C business organically and through acquisitions and start-ups that meet our target return thresholds, make opportunistic repurchases of AFG’s stock and pay additional dividends.”

About American Financial Group, Inc.

American Financial Group is an insurance holding company, based in Cincinnati, Ohio. Through the operations of Great American Insurance Group, AFG is engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses. Great American Insurance Group’s roots go back to 1872 with the founding of its flagship company, Great American Insurance Company.

Forward Looking Statements

This press release contains certain statements that may be deemed to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this press release not dealing with historical results are forward-looking and are based on estimates, assumptions and projections. Examples of such forward-looking statements include statements relating to: the Company’s expectations concerning market and other conditions and their effect on future premiums, revenues, earnings, investment activities and the amount and timing of share repurchases; recoverability of asset values; expected losses and the adequacy of reserves for asbestos, environmental pollution and mass tort claims; rate changes; and improved loss experience.

Actual results and/or financial condition could differ materially from those contained in or implied by such forward-looking statements for a variety of reasons including, but not limited to: changes in financial, political and economic conditions, including changes in interest and inflation rates, currency fluctuations and extended economic recessions or expansions in the U.S. and/or abroad; performance of securities markets; new legislation or declines in credit quality or credit ratings that could have a material impact on the valuation of securities in AFG’s investment portfolio; the availability of capital; changes in insurance law or regulation, including changes in statutory accounting rules, including modifications to capital requirements; the effects of the COVID-19 outbreak, including the effects on the international and national economy and credit markets, legislative or regulatory developments affecting the insurance industry, quarantines or other travel or health-related restrictions; changes in the legal environment affecting AFG or its customers; tax law and accounting changes; levels of natural catastrophes and severe weather, terrorist activities (including any nuclear, biological, chemical or radiological events), incidents of war or losses resulting from pandemics, civil unrest and other major losses; disruption caused by cyber-attacks or other technology breaches or failures by AFG or its business partners and service providers, which could negatively impact AFG’s business and/or expose AFG to litigation; development of insurance loss reserves and establishment of other reserves, particularly with respect to amounts associated with asbestos and environmental claims; availability of reinsurance and ability of reinsurers to pay their obligations; competitive pressures; the ability to obtain adequate rates and policy terms; changes in AFG’s credit ratings or the financial strength ratings assigned by major ratings agencies to AFG’s operating subsidiaries; the impact of the conditions in the international financial markets and the global economy relating to AFG’s international operations; and other factors identified in AFG’s filings with the Securities and Exchange Commission.

The forward-looking statements herein are made only as of the date of this press release. The Company assumes no obligation to publicly update any forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210914006118/en/

Diane P. Weidner, IRC

Vice President – Investor & Media Relations

513-369-5713

Websites:

www.AFGinc.com

www.GreatAmericanInsuranceGroup.com

KEYWORDS: Ohio United States North America

INDUSTRY KEYWORDS: Professional Services Insurance Finance

MEDIA:

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